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You must have heard about the ERC721 token and wondered what it is all about. Well, the ERC721 token is a new type of token on the Ethereum blockchain that everybody has been talking about but very few are actually working on developing.
An ERC721 token is a non-fungible token, which means that every individual token is unique and it can be uniquely identified with the help of its metadata. The ERC721 protocol defines a minimum interface that a smart contract must implement to allow unique tokens to be managed, owned and traded.
In simpler words:
- ERC20 are a class of identical tokens, i.e.,, there is no difference between 2 of the same kind of tokens. For e.g. - two BNB tokens
- ERC721 are a class of unique tokens, i.e., two tokens of a kind are not the same. For e.g. - two Cryptokitties tokens
ERC721 tokens are increasingly being used to digitise collectibles and in some cases, even property, with their proprietary uniqueness making them a perfect fit. The value of an ERC721 token is based on the uniqueness and rarity associated with the collectible that the token is being used to digitize.
With this cursory idea in mind, ZPX is proud to introduce a new type of ERC721 token that it has developed. ZPX is using the concept of non-fungibility of an ERC721 token to create an internship completion and excellence certificate for Chirag, one of the Summer Associates in 2018.
The token acts as a proof of internship and will then be sent to the intern to be stored on his wallet. By sending it, ZPX will be publishing the token onto the Ethereum blockchain, making it the first of its kind. As of this writing, Toshi wallet is one of the few wallets which support the storing of an ERC721 token.
If you look into the meta data of the token, you will see the content as "ZPX Experience letter".
Currently, ERC721 tokens are used primarily in games such as Gods Unchained and other entertainment vehicles such as Decentraland. However, this token issue by ZPX stands as a successful experiment providing proof of concept for industrial level blockchains that can store digital assets such as identities, KYC, paperwork, degrees, employment verifications etc.
We understand that ERC-721 proof of internship certificate is not a perfect use case for a non fungible token. We created it as a way to eat our own dog food to issue our certificates as tokens since these certificates are collectibles but not necessarily tradeable. We had fun creating this token and Chirag is now the happy owner of the first certificate as a token on the Ethereum blockchain!
In the past 24 hours, all top currencies are heavily in the red. Crypto market cap reached below $200 billion for the first time in 2018 as the market sank to new YTD lows. BTC, at $6,020 lost 7.02% while ETH, at $262.56, lost a giant 17.85%. However, the large negative move from Ethereum was trumped by Cardano, which lost over 20% of it’s value. Zcash was replaced in the top 10 currencies by Dentacoin (DCN).
Data sourced from OnChainFX.com.
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